Analysis help! I've done most of the work; just need more eyes

[Jo Ballagh]

I know it's been posted before but I'm hoping for a few eyes on my personal analysis of a property I'm looking at. A BP Colleague has been graciously dealing with my berating of questions (Thank you, Tyson!) but I was hoping to pose this to the community.

So for this property it looks like it will never cash flow until I move out and even then, it's only $103. I'm in this for the long haul (meaning when it's paid off, I will cash flow $5150) but this just doesn't sound good in any short-term aspect. Plus it needs a new roof and boiler ($$$). It's possible to re-fi to conventional after all repairs/upgrades are done and I move out (I did that with my current home) but I'm not sure when I will have enough equity in the place to do that. 

That mortgage insurance is a b*&^h and with such a low down payment giving me a massive loan amount, I'm starting to wonder if I should reconsider things-still invest but maybe take time to save more down payment-but that could take years of potential growth away. And multi family units are few and far between in Anchorage so when they come on the market, a potential buyer has literally days (sometimes hours) to get an offer in. (side note: "nice" move in ready 4 plexes with little to no elbow grease, in the not scary parts of town are going for up to $750,000 on the low end so for me to get into a decent $500,000 place is a long shot! Hence my mild attachment to this property)

I'm trying not to ramble. I just appreciate feedback from people who understand what I'm trying to do (my family and friends don't even know what ROI, ARV or FHA stand for :-/)

**Along with this calculator I made in excel, I've created a new acronym as I've been going through the process of trying to buy my first multi unit investment property: FTFO (Freaking The F&*k Out). Some of you may wish to use this when your S/O is asking you why you aren't engaged in a conversation and you're not sure how to explain any of this :)

Any experienced help would be SOOOO appreciated!

Jo

[Kathy Argento]

Connor Dunham Jo Ballagh
Regarding FHA MIP: A borrower who puts down less than 10% and opts for a 30-year fixed mortgage will pay annual MIP payments for the life of the loan. However, if you put down 10% or more, the FHA MI goes away after 11 years. Not that you would want to keep your FHA mortgage for 11 years. I'm just giving you information. :-)